Article 9 Basics Flashcards
1
Q
When does a security interest arise?
A
When a debtor uses certain property as collateral to secure repayment to a creditor
2
Q
What does Article 9 apply to?
A
(1) Any transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
(2) leases, if the lease is for the entire economic life of the item; and
(3) sales of accounts receivable, chattel paper, negotiable instruments, and payment intangibles
